Bank Of America Has A Patent On ATM Blockchain-Powered

Indira Datta - Apr 03, 2019

Bank Of America Has A Patent On ATM Blockchain-Powered

According to information on patents, blockchain technology is being used by Bank of America to increase the performance of ATM during cash transactions.

Bank of America recently filed a patent for the new automated teller system. In the near future, US bank customers will experience ATMs operated through blockchain ledger.

According to information on the patent, blockchain technology is used by Bank of America to increase the performance of ATM in cash transactions. At the same time, it can enhance the ability to monitor and verify these transactions so that the process becomes more secure.

Bank of America applies blockchain to the operation of ATM

Coindesk said that BofA had previously been afraid of being lagged behind compared to the development of technology in economics, but now it holds 50 patents on blockchain technology. This move has increased the tension and irony of the current blockchain ecosystem. This is also a sign that BofA is trying to increase its own power through the use of technology that is designed to power big banks.

When the bank decided to cut cash transport costs to ATMs, this idea was born. And the patent was first shown in June 2017, using blockchain in order to track cash transactions. Through blockchain technology, banks will know which ATMs truly need cash supplies instead of having to waste on money transfers to ATMs, according to the information provided by Coindesk.

Bank of America can also use the new ATM system as a service. The patents describe this new ATM system enhances user interaction through video calls or integration of goods announcements or marketing campaigns in that area. These new features are intended to help users become less boring in cash withdrawals and follow social trends.

Blockchain will help transactions of ATM become more convenient and economical

Wells Fargo and Bank of America have cut a lot of cash-related costs by interdicting third-party cash deposits after two months of testing blockchain ATM. Hopefully in the near future there will be many changes and help Bank of America operate smoother through these blockchain patents.


Sort by Newest | Popular

Next Story